This makes it possible to easily send and receive money via Messages. A serious contender for the payment request services we currently use.
With this you could ask the question: Do we still need banks in the future? Could Apple Pay be a replacement for banks? Although the Apple Pay service offers added value and makes part of the customer journey easier, a bank is still part of linking the service with a payment account. I think that banks should not see Apple Pay as a threat, but as a source of inspiration to develop new services on top of the capabilities of Apple Pay. A collaboration with loyalty programs could be a good example.
Image 3: Customer journey
Regardless of which propositions banks think of, and which business models are part of it, banks are advised to see competitors as partners. Together they can make the customer journey more personal and ultimately bring added value to their users. Deeper analysis of transactions, regardless of where or how they are made, and integration with third parties offers a world of opportunities to optimise the customer experience. One contact moment is handed over to a tech company, but the entire customer journey can remain with the bank.